根据证券期货投资者适当性管理办法本次电话会议仅服于国联证券研究所白名单客户本次会议在任何情形下都不构成对会议参加者的投资建议相关人员应自主作出投资决策并自行承担投资风险国联证券不对任何人因使用会议内容而引致的任何损失承担任何责任 未经国联证券事先书面许可任何机构或个人不得以任何形式复制、刊载、转载、转发引用本次会议内容否则由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究其法律责任的权利各位投资的小伙伴好我是国联视频的邓周慧 那么本期周周谈跟各位汇报一下上一个关注的一个点毛带批价的调整第二个我们再从业绩报表还有批价有相关的一些指标去对于过去两个人的低点打开了低点做一个复盘首先对第一个就是批价的一个看法我们一个部分是短期的调整的这样的一个背景 那从这次的这个批价来看大概在5月20号5月20号开始在6月初这个价格是有一个短时间的一个下跌尤其是这个散飞从2500块钱最低跌到大概3块以下这样的一个将近10%这样的一个跌幅那么原先相对来说是比较稳定一些基本上是在2650到2800之间这样一个区间这样的一个表现 那这里面其实从核心的因素来看的话我们觉得是在于短期的这样的一个飞天的一个供需的一个错配首先从供给端来 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 187 RMB, equivalent to 206 HKD, and a target market capitalization of 45.9 billion HKD [6][14]. Core Insights - The company is recognized as a leading innovative drug enterprise in the ADC (Antibody-Drug Conjugate) sector, with a robust pipeline that is expected to yield significant value soon. The collaboration with Merck for SKB-264 has a maximum total transaction value of 1.4 billion USD, and there are seven ADC projects in development with a total potential value of nearly 9.5 billion USD [2][11][26]. - The global market for targeted drugs for high-incidence cancers, such as lung cancer and breast cancer, is expanding. The NSCLC (Non-Small Cell Lung Cancer) patient population is projected to grow from 2.04 million in 2023 to 2.46 million by 2030, with a CAGR of 2.7%. The market size for NSCLC targeted drugs is expected to reach 46.3 billion USD in 2023 and continue to grow [3][35]. - The company has a strong pipeline of innovative products, with several expected to enter commercialization in 2024. Key products include SKB-264, A166, and A140, which target various cancers and are anticipated to receive regulatory approval soon [5][12][28]. Summary by Sections 1. Company Overview - The company has a rich technical foundation in ADC development, having established a comprehensive R&D platform, OptiDC, which supports various drug development capabilities [19][23]. - The management team has extensive experience in the pharmaceutical industry, enhancing the company's strategic development and operational efficiency [19][20]. 2. Market Expansion - The report highlights the growing market for targeted therapies in high-incidence cancers, particularly lung and breast cancers, indicating a significant opportunity for the company's products [3][35]. - The breast cancer drug market is projected to grow from 40.6 billion USD to 69.9 billion USD from 2023 to 2030, with a CAGR of 8.1% [4]. 3. Product Pipeline - SKB-264 is positioned as a "Best-in-Class" ADC with multiple indications, expected to be approved in China for TNBC (Triple-Negative Breast Cancer) in 2024. The product is also anticipated to expand into other indications by 2025-2027 [4][12]. - A166 is expected to be the first domestic ADC approved for HER2+ breast cancer in China, with a significant market opportunity [5][12]. 4. Financial Projections - The company forecasts revenues of 1.34 billion RMB in 2024, with a projected growth rate of 15.59% in 2025 and 42.25% in 2026. However, it anticipates net losses in the coming years, with EPS projected at -2.78 RMB in 2024 [6][14].

根据证券期货投资者适当性管理办法本次电话会议仅服务于国联证券研究所白名单客户本次会议在任何情形下都不构成对会议参加者的投资建议相关人员应自主作出投资决策并自行承担投资风险国联证券不对任何人因使用会议内容而引致的任何损失承担任何责任 未经国联证券事先书面许可任何机构或个人不得以任何形式复制、刊载、转载、转发、引用本次会议内容否则,由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究其法律责任的权利 各位投资者大家晚上好我是国联电信的梁文硕那么今晚呢就是由我来给大家再汇报一下我们近期发布的这个上能电器的公司的一个深度深度报告 我们现在主要还是看好公司在今年尤其是这个不管是国内还是海外大型储能的一个需求高速增长的这样的一个背景下他都作为不管是在光伏地面企业还是储能变流器都是处于这个行业领先地位的这样的一家电子平台型的企业这两块业务受于行业需求的增长对公司业绩的能带来一个进一步的提升 同时呢公司目前呢我们觉得他主要的一个除了受益于行业本身的增长以外公司自己做了一些调整那就是一方面对于一些产品的结构比如说这个从光分辨器对于这种分布式产品的一个进一步的产品品类的一个拓宽然后再包括这个储能这边也是把这个这个整个产品 ...

根据证券期货投资者适当性管理办法本次电话会议仅服务于国联证券研究所白名单客户本次会议在任何情形下都不构成对会议参加者的投资建议相关人员应自主作出投资决策并自行承担投资风险国联证券不对任何人因使用会议内容而引致的任何损失承担任何责任 未经国联证券事先书面许可任何机构或个人不得以任何形式复制、刊载、转载、转发、引用本次会议内容否则,由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究其法律责任的权利 各位投资者晚上好欢迎来到国联策略联合行业的产业面面关的电话会我是策略组研究员张小春那么和我一起在线的还有我们电子组的首席熊军老师那我们看到最近的这样市场的话事实上还是延续了前期的一个比较弱势的这么一个态势那么这个指数的话又回到了一个3000点附近 但是还是有一些比较明显的变化比如说最近以半导体为代表的科特估的这样一个行情的持续的发酵那以此相对应的话就是我们整个市场风格事实上也面临着一些变化就是从前期的以这种红利个股高股息的这种为代表的这样一个这个市场风格的话那么可能逐渐在转向一个以科技成长为代表的这样一个风格那么 我们这一期的这个电话会主要就是来讨论这么一个问题就是最近的这样一个科技成长风格走强的话那它这个背 ...

家用电器 背靠内外需韧性,拥抱新一轮集中 家用电器行业 2024 年中期投资策略 ➢ 回顾:市场表现突出,景气驱动上涨 2024 年初至 6 月 7 日家电板块绝对收益+14.4%,相对沪深 300/上证综指分 别+10%/+6%;排名 31 个申万一级第 3 位,表现抢眼,红利资产属性与超预 期的基本面支撑了收益表现,以旧换新与地产政策预期阶段性也有助益。 当前家电板块估值处于 2013 年以来 27%分位水平,且业绩与估值匹配度高。 ➢ 白电:需求稳健向好,成本影响可控 年初以来白电内需表现好于预期,内销出货增速已在政策周期后的中上水 平,且零售数据稳中向好,印证需求表现。1-4 月白电外销出货均有 25%以 上高增,两年复合实现增长,景气质量高。后续政策强化更新大周期、内需 有韧性,外销基数压力可控、稳健为主;成本涨势或趋缓,盈利影响有限。 ➢ 彩电:需求弱复苏,龙头全球份额提升 年初以来彩电全球景气弱复苏趋势延续,亮点在于体育赛事契机下, MiniLED 等高端产品渗透率加速提升,行业海内外均价延续增长,叠加中国 显示产业链优势,预计面板成本波动影响较有限。随着中国品牌技术实力 与质价比优势展现,龙头 ...

前瞻研究 CCER 市场正式重启:趋势与影响 CCER 的全称是 Chinese Certified Emission Reduction,即国家核证自 愿碳减排量,是指对我国境内可再生能源、林业碳汇、甲烷利用等项 目的温室气体减排效果进行量化核证,并在国家温室气体自愿减排交 易注册登记系统中登记的温室气体减排量。 2024 年 1 月 22 日,全国温室气体自愿减排交易市场启动仪式在北京 举行。CCER 交易采取挂牌协议、大宗协议、单向竞价及其他符合规定 的交易方式,以"每吨二氧化碳当量价格"为计价单位。目前,全国温 室气体自愿减排交易主要以存量 CCER 交易为主。CCER 市场开市后, CCER 成交均价呈上升趋势,利好可申报 CCER 的行业。 重点排放单位的履约抵消为 CCER 需求的主要来源。控排企业目前采用 CCER 抵消碳排放履约的比重较低,随着碳配额供给机制的完善以及碳 配额总量逐步收紧的政策趋势,CCER 的实际需求仍有较大增长空间。 CCER 供给量或受到注册认证审理流程等的影响而增长缓慢,存量消纳 也将于 2025 年截止,CCER 市场价格或因供不应求维持高位。 在已制定发布的 4 ...

房地产 行 业 报 告│ 行 业 专 题 研 究 5 月销售边际改善,开工竣工有望企稳 ➢ 行业事件 国家统计局发布 2024 年 1-5 月份全国房地产市场基本情况报告。1-5 月房 地产销售面积、销售金额、投资额、新开工面积分别为 36642 万平方米 /35665 亿元/40632 亿元/30090 万平方米,同比增速分别为-20.3%/- 27.9%/-10.1%/-24.2%。整体来看,销售金额同比降幅收窄,新开工、竣工 有企稳迹象,但开发投资额仍持续筑底。 ➢ 投资端:开发投资持续筑底,新开工面积降幅收窄 2024 年 1-5 月,受市场需求低迷和房企投资意愿不足影响,全国商品房累 计新开工面积同比下滑 24.2%,5 月当月新开工面积同比下降 22.7%,降幅 同比缩窄 4.6pct;累计开发投资金额同比下降 10.1%,5 月当月开发投资 金额同比下降 11.0%,降幅同比走扩 0.5pct;累计房屋施工面积同比下滑 11.6%;累计竣工面积同比下滑 20.1%,5 月当月竣工面积同比下滑 18.4%, 降幅环比收窄 0.7pct。 ➢ 销售端:政策利好提振市场信心,销售边际改善 2024 年 ...

Investment Rating - The investment rating for the real estate industry is "Outperform the Market" [5]. Core Viewpoints - The real estate market is in a bottoming phase, with policy support expected to stabilize the market. The demand side shows signs of recovery in core cities, although it may take time to reflect in the fundamentals. New home and second-hand home transaction volumes are expected to rise steadily in June, although year-on-year declines may continue due to high base effects from the first half of 2023. The supply side is influenced by "de-inventory" policies, leading to a contraction in land supply and continued bottoming of real estate development investment. The central bank's policies for affordable housing and financing coordination mechanisms are expected to improve the financial situation of real estate companies [5][39]. Summary by Sections Investment Side: Development Investment Continues to Bottom, New Construction Area Decline Narrows - From January to May 2024, the cumulative national real estate development investment was 40,632 billion yuan, a year-on-year decrease of 10.1%, with the decline expanding by 2.9 percentage points. In May alone, the investment was 9,704 billion yuan, down 11% year-on-year, with the decline expanding by 0.5 percentage points. The decline in development investment has been influenced by a cooling land market and a decrease in new construction area [13][14]. - The cumulative new construction area from January to May 2024 was 30,090 million square meters, a year-on-year decrease of 24.2%, with the decline narrowing by 0.4 percentage points compared to the previous months. In May, the new construction area was 6,580 million square meters, down 22.7% year-on-year, with the decline narrowing by 4.6 percentage points [15]. - The cumulative completion area from January to May 2024 was 22,245 million square meters, a year-on-year decrease of 20.1%, with the decline narrowing by 0.3 percentage points compared to the previous months. In May, the completion area was 3,384.7 million square meters, down 18.4% year-on-year, with the decline narrowing by 0.7 percentage points [18]. Sales Side: Policy Support Boosts Market Confidence, Sales Marginally Improve - From January to May 2024, the cumulative national commodity housing sales area was 36,642 million square meters, a year-on-year decrease of 20.3%. The cumulative sales amount was 35,665 billion yuan, down 27.9% year-on-year, with the decline narrowing by 0.4 percentage points compared to the previous months. In May, the sales area was 7,390 million square meters, down 20.7% year-on-year, with the decline narrowing by 2.1 percentage points. The sales amount in May was 7,598 billion yuan, down 26.4% year-on-year, with the decline narrowing by 4.1 percentage points [20][22]. - The cumulative average sales price of commodity housing from January to May 2024 was 9,733 yuan per square meter, a year-on-year decrease of 9.5%, with a month-on-month increase of 1.4%. In May, the average sales price was 10,282 yuan per square meter, down 7.2% year-on-year, but up 0.9% month-on-month, indicating a recovery in market activity [26]. Financial Side: Sales Receipts Under Pressure, Domestic Funds Show Recovery - From January to May 2024, the cumulative funding for real estate development companies was 42,571 billion yuan, a year-on-year decrease of 24.3%, with the decline narrowing by 0.6 percentage points compared to the previous months. In May, the funding was 8,535 billion yuan, down 21.8% year-on-year, but showing a month-on-month increase of 2.2% [30]. - The cumulative funding sources included deposits and advance payments, personal mortgage loans, domestic loans, and self-raised funds, which were 12,584 billion, 6,191 billion, 6,810 billion, and 14,816 billion yuan respectively, with year-on-year changes of -36.7%, -40.2%, -6.2%, and -9.8%. In May, the funding sources showed a slight increase in domestic loans, indicating a potential recovery in financing for real estate companies [32].

证券研究报告 行 2024年06月20日 业 报 告 前瞻研究 │ 行 业 相对大盘走势 CCER 市场正式重启：趋势与影响 专 题 研 究  CCER的全称是Chinese Certified Emission Reduction，即国家核证自 愿碳减排量，是指对我国境内可再生能源、林业碳汇、甲烷利用等项 目的温室气体减排效果进行量化核证，并在国家温室气体自愿减排交 易注册登记系统中登记的温室气体减排量。  2024 年 1 月 22 日，全国温室气体自愿减排交易市场启动仪式在北京 作者 举行。CCER交易采取挂牌协议、大宗协议、单向竞价及其他符合规定 分析师：郭荆璞 的交易方式，以“每吨二氧化碳当量价格”为计价单位。目前，全国温 执业证书编号：S0590523070003 室气体自愿减排交易主要以存量 CCER 交易为主。CCER 市场开市后， 邮箱：jpguo@glsc.com.cn CCER成交均价呈上升趋势，利好可申报CCER的行业。  重点排放单位的履约抵消为CCER需求的主要来源。控排企业目前采用 CCER抵消碳排放履约的比重较低，随着碳配额供给机制的完善以及碳 配额总量逐步收紧的政策趋势 ...

证券研究报告 公 2024年06月20日 司 报 告 中联重科(000157) │ 行 业： 机械设备/工程机械 公 投资评级： 买入（首次） 司 当前价格： 7.84元 深 多元化产品及海外差异化布局构筑核心竞争力 目标价格： 9.38元 度 研 投资要点： 究 基本数据 公司为国内工程机械龙头企业，混凝土机械、起重机械等传统优势产业的 总股本/流通股本(百万股) 8,677.99/8,652.47 市场地位稳中有升；土方机械、高空作业机械、矿山机械等新兴潜力业务 流通A股市值(百万元) 55,432.80 加速发展。公司加大海外市场销售力度，积极发挥智能制造规模化优势。 每股净资产(元) 6.59 ➢ 传统工程机械行业需求有望回暖，高空作业车需求仍具有空间 资产负债率(%) 54.85 起重机、混凝土机械、土方机械等传统工程机械产品主要受到基建投资、 一年内最高/最低(元) 9.53/6.09 国标切换后的置换等因素影响，2021年5月至今国内需求持续下滑，中央 财政在 2023Q4 增发国债 1 万亿元，2024 年有望拉动设备需求逐步提升。 股价相对走势 中国高空作业平台市场起步较晚，近年高速发展，2 ...